{"id":5192,"date":"2009-12-09T12:18:25","date_gmt":"2009-12-09T17:18:25","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5192"},"modified":"2009-12-09T12:18:25","modified_gmt":"2009-12-09T17:18:25","slug":"eurusd-retreats-after-sp-cuts-spains-credit-rating","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/12\/09\/eurusd-retreats-after-sp-cuts-spains-credit-rating\/","title":{"rendered":"EUR\/USD Retreats After S&P Cuts Spain\u2019s Credit Rating"},"content":{"rendered":"

By Fast Brokers<\/strong> – The EUR\/USD is retreating from earlier gains after Standard & Poor\u2019s announced it has lowered its credit outlook for Spain to negative.\u00a0 The EUR\/USD is taking a slight hit from the news, and it will be interesting to see if intra-day losses accelerate as investors focus on Spain due to a lack of pertinent economic data.\u00a0 Meanwhile, the EUR\/USD is balancing along our 2nd tier uptrend line as bulls look to keep the currency pair above November lows.\u00a0 Our 1st and 2nd tier uptrend lines may carry some weight since they run through September and August lows, respectfully.\u00a0 Hence, if the EUR\/USD doesn\u2019t solidify soon, the currency pair could be in for another wave of near-term selling pressure.\u00a0 That being said, the EUR\/USD still does have our 1st and 2nd tier uptrend lines serving as technical cushions along with November lows.\u00a0 Should conditions deteriorate, the EUR\/USD could find solid support in the form of its psychological 1.45 area and October lows.\u00a0 As for the topside, the EUR\/USD is building near-term topside barriers as it weakens.\u00a0 The EUR\/USD faces multiple downtrend lines along with 12\/07 highs and the psychological 1.50 level.\u00a0 Therefore, it seems near-term topside techncials outweigh supports, meaning there remains a downward pressure on the EUR\/USD.\u00a0 As a result, investors should monitor the behavior of gold and the S&P futures as investors await Thursday\u2019s set of important economic events.<\/p>\n

Although today is light on the economic data side, Thursday could have more than enough news to move the FX markets.\u00a0 Australia will begin with key employment data during the Asia trading session, followed by French Industrial Production, the BoE\u2019s monetary policy statement, and U.S. Weekly Unemployment Claims along with its Trade Balance.\u00a0 Lastly, China will release its Industrial Production number during Friday\u2019s Asia session.\u00a0 The FX markets have been rocked by psychological developments throughout the week, meaning investors will be looking for fundamental confirmation from Thursday\u2019s data flow.\u00a0 If economic data prints poorly, then the EUR\/USD may be subjected to addition near-term selling pressure.\u00a0 On the other hand, a wave of encouraging data points could help weaken the Dollar and allow the EUR\/USD to consolidate while building a new base.<\/p>\n

Present Price: 1.4707<\/p>\n

Resistances: 1.4724, 1.4738, 1.4754, 1.4780, 1.4812, 1.4841<\/p>\n

Supports: 1.4691, 1.4682, 1.4669, 1.4650, 1.4640, 1.4628, 1.4612<\/p>\n

Psychological: 1.45, 1.50, November Lows<\/p>\n

\"\"<\/a><\/p>\n

Market Commentary<\/strong><\/em> <\/span>provided by <\/span>Fast Brokers<\/strong><\/span><\/span>.<\/a><\/p>\n

Disclaimer:<\/strong> <\/span>FastBrokers\u2019 market commentary is provided for information purposes only and under no circumstances should be regardedneither as an investment advice nor as a solicitation or an offer to sell\/buy any financial product. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained.<\/p>\n

Risk Disclosure:<\/strong> <\/span>There is a substantial risk of loss in trading futures and foreign exchange. Please carefully review all risk disclosure documents before opening an account as these financial instruments are not appropriate for all investors.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Fast Brokers – The EUR\/USD is retreating from earlier gains after Standard & Poor\u2019s announced it has lowered its credit outlook for Spain to negative.\u00a0 The EUR\/USD is taking a slight hit from the news, and it will be interesting to see if intra-day losses accelerate as investors focus on Spain due to a … <\/p>\n

Continue reading “EUR\/USD Retreats After S&P Cuts Spain\u2019s Credit Rating”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-5192","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5192","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=5192"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5192\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=5192"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=5192"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=5192"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}